6 Reasons You Should Save
As much as we are all tired of hearing everyone talk about these uncertain times, we all must take something positive out of the situation. That's why we're addressing one of the biggest issues many American citizens are facing right now, and that's savings.
With layoffs, furloughs, and pay cuts, many people in our community, and the U.S are struggling to make ends meet. It's important to have money set aside for multiple reasons, and it's especially helpful when life hits you with an unexpected curveball. Let's go into further detail about why you should save.
#1 - ENJOYMENT
Monthly events and activities play an important role in your personal finance, and is essential for your mental & physical well-being! Think concerts, sporting events, dinner with friends, or even a simple happy hour with colleagues. The cost adds up more than you'd think, and having separate savings account for enjoyment is important. It will keep you within a budget and ensure you never miss out on the fun!
#2 - SECURITY
Having a safety net is the most responsible, important thing you can do with the extra money you have in your pocket. Needless to say, we can’t predict the future. Take the COVID-19 pandemic, for example, people lost their jobs and their life changed in the blink of an eye. With no money coming in there's no way to pay bills or feed your family. This is why having 3-5 months' worth of savings to cover expenses is so important. Knowing that you can provide for yourself and your family even if things go wrong is a wonderful feeling to have.
#3 - FREEDOM
Saving to provide yourself with the freedom to do things you love every year, such as travel, or extracurricular activities should have a set budget. Looking at the bigger picture, those things can add up quickly. Having separate monthly savings for enjoyment and freedom so you feel like you're not just earning your money, but enjoying your money!
#4 - LESS STRESS
If you’ve ever experienced financial stress, you know how unsettling that feeling can be. You should never have to worry about paying bills on time, wonder how you're going to feed your family, or keep a roof over your head. Having savings set aside can help reduce that worry, consider having your monthly expenses automatically put into a separate account each time you get paid!
#5 - LEGACY
Your legacy is important to you and your family. Regardless if you’re 30, or 80, the way you handle your money will have lasting effects on your loved ones. Think about how you want to take care of your family later in life. Supporting the ones you love is important, and every little bit counts.
#6 - BIG BUYS
When we say big buys, think things of things such as homes, cars, boats, & furniture. Going into debt for a big purchase isn't always worth it. Save money so you can pay for them outright with no monthly payment! Those monthly payments can add up, and before you know it, you may not be able to afford them all at once.
Regardless of what you're saving for, understand that it's important. If you're not sure where to start, we have multiple options for you at Niagara Regional FCU. Our Swipe & Save savings account is perfect for everyone, especially if you want to save without realizing that you are. With a large APY interest rate of 20%, our Swipe & Save account can help you reach your goals just simply by swiping your debit card daily! We also offer regular savings accounts and certificate of deposit! Contact us today for more information, or check out our savings account options here!